Drilling heats up at LDG

De Beers Canada Exploration has begun drill-testing at least three targets on the LDG (formerly Thor) diamond property in the Northwest Territories.

The project covers 500 sq. km near Lac de Gras, about 12 km south of the Diavik diamond mine project. The subsidiary of De Beers Consolidated Mines (DBRSY-Q) can earn up to a 60% interest from Navigator Exploration (NVR-V) by funding all expenditures up to the completion of a feasibility study.

In related news, a drilling program by Canabrava Diamond (CNB-V), on the Frontier project in the Pickle Lake area of northern Ontario, failed to intersect kimberlite in any of the 15 targets tested. Massive magnetite, with associated sulphide mineralization, was intersected in two targets, and samples have been submitted for assay.

Canabrava intends to fly a large-scale airborne geophysical survey as part of a summer exploration program budgeted at $500,000.

The Frontier project forms part of the Severn joint venture, under which Canabrava and Navigator are exploring for diamonds in the James Bay Lowlands. Navigator can earn a half-interest in Frontier by matching Canabrava’s 2001 expenditures by the end of 2003.